- The biggest commercial banks in Nigeria have been ranked according to their asset base
- Access Bank leads the table, while Wema Bank is in the 11th position with N1 trillion assets as of the end of 2022
- A solid asset base indicates that a business has resources it can use to generate revenue and profits
The total asset value increased to N74.06 trillion by 2022, representing a 15.3% growth from N60.76 trillion in 2021.
The banks surveyed include Access Bank, Ecobank, Zenith Bank, United Bank for Africa(UBA), Guaranty Trust Holding Company(GTCO), Stanbic IBTC, First City Monument Bank (FCMB), Union Bank, Sterling Bank, and Wema Bank.
What is a bank asset?
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The asset base is an essential measure of a business's financial health and stability, as it represents the resources that can be used to generate income and cover liabilities.
This includes cash reserves, government securities, corporate bonds, loans to individuals and businesses, and property owned by the bank.
List of Nigeria's biggest banks by asset
Access Bank has the most extensive asset base among financial institutions, closely followed by Ecobank and Zenith Bank, which take second and third place, respectively.
- Access Bank - N15 trillion
- Ecobank - N13.37 trillion
- Zenith Bank - N12.29 trillion
- United Bank for Africa (UBA) - N10.86 trillion
- Guaranty Trust Holding Company (GTCO) - N6.45 trillion
- Fidelity Bank- N3.98 trillion
- Stanbic IBTC Holdings - N3.03 trillion
- First City Monument Bank (FCMB) - N2.5 trillion
- Union Bank - N2.4 trillion
- Sterling Bank - N1.4 trillion
- Wema Bank - N1 trillion
Sterling Bank records over N19bn profit after combining Islamic and commercial operations into one company
Fidelity targets 5 banks across Africa
In another report, Fidelity Bank was considering the acquisition of five commercial banks across the continent.
The move came on the heels of the bank's recent acquisition in the United Kingdom.
Fidelity is currently the sixth-largest lender in Nigeria with assets worth almost N4 trillion.